Taylor Bean And Whitaker and 1098 Mortgage Interest Tax Forms

Q: Taylor Bean & Whitaker Mortgage Corporation serviced my mortgage until the company was shut down last year. Will I get the end of year 1098 tax form from them?

A: You should receive a 1098 tax form from the company. Taylor Bean & Whitaker’s website indicates that those forms should have been mailed out by the end of January. If you did not get one and you have an online account with them, you might want to see if you can log into the account and download the form.

Taylor Bean & Whitaker Mortgage Corp. ceased operating last summer and many of its loans were transferred to other loan servicers. If your loan was transferred, you should have received a 1098 mortgage interest form from the new service provider for the portion of the year that it serviced your loan.

That new service provider should include the interest you paid on your loan to the new service provider and may also include the interest you paid to Taylor Bean & Whitaker.

If you received the statement from the new service provider, review it carefully to determine whether it includes all of your interest payments for last year. If all of your interest payments are included, you’re all set. If it only includes the payments you made to the new service provider, you can call your new service provider and see if they can give you the amount you paid in interest on your loan while it was serviced by Taylor Bean & Whitaker.

If you have no luck with your current service provider in determining what you paid in interest to Taylor Bean & Whitaker and you can’t get that information from Taylor Bean & Whitaker, you still need to compute the amount you paid for purposes of your income taxes.

You can compute that amount by reviewing the loan statements that you might have received from Taylor Bean & Whitaker before the loan was transferred and use that information.

Certainly, the IRS will prefer to receive a 1098 tax form from Taylor Bean & Whitaker. But if you don’t get one, you will have to use your loan statements to determine how much interest you paid.

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